Tesla surpasses estimates, delivering a record-breaking 466,140 cars in Q2
Written by Sanjay Kumar
Tesla
Automotive company
- Founders: Elon Musk, Martin Eberhard, JB Straubel, Marc Tarpenning, Ian Wright
- Headquarters: Austin, Texas, United States
- CEO: Elon Musk (Oct 2008–)
- Founded: 1 July 2003, San Carlos, California, United States
- Subsidiaries: Tesla India Motors and Energy Private Limited, MORE
- Revenue: 8,146.2 crores USD (2022)
Tesla, the US automaker, surpassed analyst expectations in the second quarter with the delivery of 466,140 vehicles, as stated in its earnings report released on Sunday (July 2). Despite a challenging market, this impressive figure represents an 83 percent increase compared to the same period last year and a 10 percent rise from the previous quarter.
Analysts had initially predicted deliveries to be below 450,000, but Tesla exceeded those estimates. During the months of April to June, the Texas-based electric vehicle giant manufactured 479,700 cars, marking an 85 percent increase compared to the second quarter of 2022.
As a result, Tesla’s total production by mid-2023 reached 920,508 vehicles, firmly positioning the company on track to achieve its goal of manufacturing 1.8 million cars this year. These numbers have surpassed the expectations of industry observers, impressively showcasing the success of Tesla.
According to analysts from Wedbush Securities, the price cuts implemented earlier in 2023 have proven to be highly beneficial for Tesla. The demand for their vehicles remains robust, and the company’s production efficiencies have facilitated significant number of deliveries. This positive outcome has played a crucial role in the company’s success.
To combat the intensifying competition in the electric vehicle sector, Tesla has implemented several price reductions in the United States, Europe, and Asia. These strategic moves have allowed Tesla to overcome declining demand in China, further bolstering its position in the market.
Elon Musk, Tesla’s CEO, expressed the company’s approach during an April call discussing first-quarter results. Musk stated that prioritizing higher volumes and a larger fleet is the right decision, as opposed to focusing on lower volumes and higher margins. This strategy reflects Tesla’s ambition to expand its market presence and solidify its position as a leading player in the electric vehicle industry.
Additionally, Tesla has benefitted from expanded eligibility in the US government’s $7,500 tax credit program for electric car buyers. Under President Joe Biden’s environmental policy, Tesla’s Model 3, the company’s most affordable offering, now qualifies for the full tax credit. Previously, certain parts of the car were not produced in North America, resulting in a reduced tax credit for buyers.
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